By Marsha Shuler| firstname.lastname@example.org
State Sen. Robert Adley filed the legislation for lawmakers to consider when the Legislature convenes April 13. Senate Bill 18 would give Louisiana higher education boards permission to pay off the long-term liabilities associated with their employees and then exit the system.
Colleges and universities are having to come up with more and more money each year to pay their portion of the retirement system’s nearly $12 billion unfunded accrued liability. Known as the UAL, the term refers to how much money would be necessary in the future to pay off the retirement promises made to teachers and other public school employees. The payments are increasing annually as the state is trying to catch up on the old liabilities created when governors and legislators granted pension benefits without setting aside the money to pay for them.
By Marsha Shuler | email@example.com
Group Benefits reopened enrollment for 89 percent of its 230,000 members to give them the opportunity to choose less-expensive insurance options other than the two most popular, though pricier, plans they had joined.
“Last fall, we announced that premiums would increase this July to compensate for increasing health care costs,” Group Benefits Chief Executive Officer Susan West said. “However, we know that circumstances change, and as we get closer to the date of the increase, we want to make sure members who will be significantly impacted have the chance to re-evaluate their decision and, if necessary, move to a plan that better suits their finances.”